mVISE - Growth strategy 2.0

Following a disappointing FY20, mVISE is planning to reinvigorate its growth via acquisition. A small (€1.9m) capital increase has already been undertaken but a further (much larger) raising is expected and consequently the company has delayed its AGM. The financial performance of the core professional services businesses appears to have stabilised in 2021 so far and there are some signs of progress in products also. Consensus forecasts imply a 10% organic revenue growth and EBITDA margin in FY22 and an FY22e EV/EBITDA multiple of 13.0x.